the Company shall increase Page 4/11 from 77.3 percent to 87.3 percent and Ms. Kanjana Pongpatanadecha’s shareholding proportion shall decrease from 18.7 percent to 8.7 percent. The Company is therefore

due to the decrease of Operating Revenue of Self- Managed Hotels and Outrigger Hotels from COVID-19 pandemic. Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels

the mutual fund invests will decrease relatively to the remaining period in which the mutual fund is entitled to receive benefits from said revenues. However, the amount of the decrease may vary each

dessert café franchise in Hong Kong. • Revenue from Catering and Pop-Up in Q3/2022 was THB 12 million, slightly decreased by THB 1 million or 8% from Q3/2021 due to the slight decrease in average sales per

growth. However, China operations decreased slightly by 4.8% due to the rapid spread of Covid-19 after the relaxation of China’s zero Covid policy during December which resulted in a decrease in automobile

decreased by Baht 459.0 million, largely attributable to decrease of trade account receivables and inventories. Total liabilities decreased by Baht 1,236.1 million, largely attributable to decrease of trade

million or 40% from Q3/2022, corresponding to the increase in sales revenue, as well as the decrease in costs from higher production volumes and in economies of scale. • Gross Profit Margin in Q3/2023 was

cafés as well as the Company's ability to manage costs effectively. EBITDA margin in 2023 was 31.8%, slightly decrease from 2022. E B I T D A a n d E B I T D A M A R G I N : Q 4 / 2 0 2 3 K e y F i n a n

liabilities and license payable) was at 2.5x decrease from 2.9x in FY23 due to improving EBITDA and lower debt. Total equity was at Bt85,388mn, decreasing by -5.8% due to a decrease in retained earnings

% of the total issued and paid-up shares of DTC, at the price of 12 THB per share. As a result, the Company reported a decrease in ownership of DTC from 22.58% to 17.58% and recorded a gain from the